List of top Accountancy Questions

In the absence of partnership agreement, mutual relations of partners are governed by the ________

Arrange the following in the context of Accounting for partnership.
A. Preparation for Trading and Profit and Loss Account.
B. Calculation of divisble profit or Loss.
C. Preparation of profit and loss Appropriation Account.
D. Preparation of Balance Sheet.
E. Preparation of partner's capital Account.
Choose the correct answer from the given below :

Which of the following is not a charge against profit ?

Capital employed by a Partnership firm is ₹ 5,00,00. Its average profit is Rs. 60,000. The normal rate of return in similar type of business is 10%. The amount of super profits of the firm will be :-

At the time of admission of a new partner, general reserve appearing in the old Balance Sheet is transformed to :-

Alia and Deepika are partners in a firm. They admitted Priyanka into partnership giving her \(\frac{1}{5}\)th share which she acquired from Alia and Deepika in the ratio of 1:2. What will be the new profit sharing ratio ?

Radhika and Raman are the partners in a firm sharing Profits in the ratio of 7:3. They admitted Kamal as a new partner for \(\frac{1}{10}\)th share. Kamal brings ₹ 19,75,000 as his capital and necessary share for premium for goodwill. It was agreed to value the goodwill at 3 years purchase of super profit. During the year, the firm earned a profit of ₹ 4,50,000 and capital employed ₹ 17,50,000. If normal rate of return is 15%, calculate the amount that Kamal should bring in for goodwill.

At the time of retirement of a Partner, gain on revaluation will be credited to :

On a Dissolution of a firm, repayment of Partner's loan to the firm will be shown in :

on dissolution of partnership firm, unrecorded assets when taken over by a partner are shown in :

Satish was appointed to look after the dissolution work for which he was allowed a remuneration of ₹ 14,000. He agreed to take over the investment of the book value of ₹ 11,000 towards payment of his full remuneration. (Investments have already been transferred to Realisation A/c) Joumalize.

At the time of dissolution of partnership firm, debtors were realised at a discount of 5% (Book value was ₹ 48,000), Amount realised at the time of dissolution was -

As per the Financial Statement of X ltd, its shareholder's funds are ₹ 25,00,000. Non current liabilities are ₹ 4,80,000 and current liabilities are ₹ 10,00,000. Non current assets are ₹ 13,80,000. Working capital of the company is :

From the following Particulars, calculate cash flow from investing activities :-
A plot of land been purchased for investment purpose and was let out for commercial use and rent received ₹ 30,000.
Interest paid on debentures ₹ 60,000
Purchase of Plant ₹ 4,40,000
Goodwill written off ₹ 20,000
Sale of Land ₹ 5,00,000